What We Handle for Consulting Firms
Full-service accounting and bookkeeping so your project financials are clean, your partners are paid correctly, and your reporting drives real decisions.
Project Profitability Tracking
Per-project cost tracking across labor, subcontractors, and expenses. Know exactly which engagements are profitable and which ones are eroding your margins before the project wraps up.
Partner & Principal Distributions
Guaranteed payments, profit allocations, and equity distributions calculated correctly every period. We keep partner comp clean so there are no surprises or disputes at year-end.
Revenue Recognition
Retainer income, project-based fees, and milestone billing all recognized correctly under ASC 606. Your revenue hits the books when it should — not when cash arrives.
Expense Management by Engagement
Travel, software, subcontractor, and overhead costs allocated to the right engagements. Reimbursable expenses are tracked separately so nothing slips through on client invoices.
Monthly Financial Reporting
P&L by project, practice area, or partner. See exactly where your firm makes money and where overhead is creeping in — with reports delivered by the 15th of every month.
The Royal Revenue System
Our proprietary review process that typically uncovers $10k+ in hidden savings across vendor contracts, underutilized retainers, and operational waste.
See what clean books look like for your consulting firm
15 minutes. We’ll walk through your current setup and show you exactly what we’d handle.
Not Just Bookkeepers
Most outsourced bookkeeping firms hand your files to data entry clerks. We don’t.
Your books are managed by degreed staff accountants. We have CPAs on our team. Journal entries, financial statement prep, and variance analysis get done right the first time.
Month-end close, financial statement analysis, and reporting that goes beyond recording transactions. We handle the accounting work most bookkeeping firms can’t.
No DIY dashboards or AI-generated reports you have to review yourself. A dedicated accounting team that knows your industry handles everything.
Project Margins You Can Actually Trust
The problem: Most consulting firms don’t know which projects are profitable until the engagement is over. Scope creep, unbilled hours, and poorly tracked expenses eat margins invisibly — and the real numbers only show up after the fact.
How we fix it: We set up per-project cost tracking in QuickBooks that captures labor hours, subcontractor fees, travel, and direct expenses in real time. You see margin by engagement every month — not just at project closeout. That means better scoping, faster course corrections, and fewer write-offs.
Revenue Recognition for Retainers and Project-Based Work
The problem: Consulting firms often mix retainer income with project fees, milestone payments, and prepaid deposits. Recognizing revenue when cash hits the bank instead of when work is performed creates inaccurate financials and cash flow confusion.
How we fix it: We implement proper revenue recognition policies aligned to ASC 606. Retainer income is amortized monthly, project fees are recognized on a percent-complete or milestone basis, and deferred revenue is tracked on the balance sheet. Your P&L reflects the work actually delivered — not just the invoices collected.
Partner Comp Clarity Without the Spreadsheet Wars
The problem: Partner distributions are one of the most sensitive topics in any consulting firm. When guaranteed payments, profit splits, and equity draws are tracked in disconnected spreadsheets, mistakes create friction and erode trust between partners.
How we fix it: We build a clean partner equity and distribution structure in your accounting system. Guaranteed payments, profit allocations, and draws are calculated and recorded consistently every period. Every partner sees exactly where their comp comes from — no ambiguity, no year-end surprises.
Free: The Consulting Firm Financial Health Checklist
10 profitability blind spots that cost consulting firms money. Download the checklist our consulting clients use to keep every engagement financially on track.
Frequently Asked Questions
Ask AI about Accountally’s consulting firm accounting services
Ready for Books That Actually Help You Grow?
15 minutes. We’ll walk through your current setup and show you exactly how we’d handle your project profitability tracking, revenue recognition, and partner distributions.